ADA down $0.013 reaching $0.337, for its 4th straight negative day

ADA drops $0.013 early on and steadies around the $0.337 level.

Chart analysis suggests Cardano fell below the $0.344 support zone and moved 1 cents beyond it; the next level of support with significant buyer interest is estimated at $0.337. Trend analysis indicates that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Asset volatility analysis shows that Bollinger Bands® shows an indication of recovery: the lower band is at $0.335, a low enough level to, generally, suggest that Cardano is trading below its fair value.

Overall, the technical outlook suggests Cardano is likely to remain muted for the immediate future, with no clear-cut direction.

In the meantime, negative performances are also seen in other markets, Litecoin is down to $89.09, losing $6.24, after closing at $95.32 in the preceding trading session. Bitcoin closed at $22,400 (down 4.64%). After ending today's session at $0.081, Dogecoin lost $0.005 and is trading around $0.076.

Over the past 10 months, Cardano has retreated 71.08% from a noteworthy peak of $1.21. ADA has a market cap of 11.69 billion with an average daily volume of 316.37 million.